Prestonsburg, Kentucky Property Taxes
The median property tax rate in Prestonsburg, KY is 1.49%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Prestonsburg at $24,400, the typical annual property tax bill reaches $49, significantly lower than the national median of $2,690. Property taxes in Prestonsburg are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prestonsburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Prestonsburg or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prestonsburg, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Prestonsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prestonsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prestonsburg to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Pike County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Prestonsburg, Kentucky
Property taxes in Prestonsburg, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Prestonsburg is 1.49%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Prestonsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prestonsburg estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Prestonsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41653 zip code has the highest median property tax rate of 1.49%, while the 41653 zip code also has the lowest median tax rate of 1.49%. Understanding how these areas compare with Prestonsburg provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prestonsburg Tax Rate
1.49%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prestonsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41653 | 0.46% | 0.84% | 1.49% | 1.94% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Prestonsburg, Kentucky
In Prestonsburg, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by Pike County for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Prestonsburg, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Prestonsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills highlight the disparity, with some homeowners paying as little as $48 and others up to $485 annually.
Average Prestonsburg Assessed Value
$24,400
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prestonsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41653 | $6,480 | $13,200 | $24,400 | $32,200 | $36,880 |
Source: Ownwell
Property Tax Bills Across Prestonsburg, Kentucky
In Prestonsburg, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Prestonsburg is $24,400. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies within the county. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Prestonsburg, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $48, while at the 75th percentile, it rises to $322. For those at the 90th percentile, the tax bill can reach up to $485. These variations highlight the impact of property characteristics and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Prestonsburg's property tax bills are relatively low, providing some relief to homeowners. However, understanding how these taxes are calculated and what influences them is crucial for effective financial planning.
Average Prestonsburg Tax Bill
$49
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Prestonsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41653 | $48 | $48 | $49 | $322 | $485 |
Source: Ownwell